A Fortune 100 company decided to revamp its IT application landscape to improve profitability. It embarked on a business and IT transformation that was a massive undertaking, requiring hundreds of dedicated individuals not only from within the organization but also from external service providers. After about 18 months, the new application was ready to be validated by the business users. The first deployment was just two months away. Everything seemed to go as planned -- until chaos erupted.

The best part of this article is that it is based on a true story. This helps people understad that these issues are real, and still happen in large companies.

The description you make of the methodology they followed looks very waterfall - get users to define the requirements, go develop for 18 months, and then come back with a "solution" to be tested.
Companies (of all sizes) should have learned by now that this just doesn't work.
In 18 months everything changes. Not only the business and market change, but also the project teams, the users... and these changes happen not only to the company but also to service providers and consulting companies involved.

You said it best "The dynamic and global nature of business requires organizations to be innovative continuously."

There is no way you can pull of an 18 month project without thinking in this manner. You've got to involve end users every step of the way, test with real data from day one, and be prepared to change direction, include some features and remove others that no longer make sense.